Posted by
valley617 on Wednesday, September 09, 2009 5:16:03 AM
RNCOS says,Saudi Arabia’s medical device market is forecasted to surge at a CAGR of around 6.4% during 2009-2012, mainly driven by increasing investments by both public and private sectors.
Medical equipment market in Saudi Arabia had experienced strong growth in the recent years on the back of heavy investment by the government in health infrastructure. Increasing prevalence of chronic disease and ageing population are expected to be the major factors responsible for this growth.
Anticipating the future growth, now private firms are also investing substantially in the market. Backed by these investments, the market seems promising and is projected to surge at a CAGR of nearly 6.4% during 2009-2012, says the analytical study “Saudi Arabian Healthcare Market Forecast to 2012”.
According to the research study, import presently accounts for most of the market share, general equipments like syringes and needles having the strong demand in the current market.The western countries are the main suppliers for medical equipments.,but the domestic production base for medical equipment and supplies is rather small, and is limited to disposable medical items. The reason behind this import based market is the high cost of production in country.
It was found that the country is also experiencing shortage of medical and clinical staff. More than 70% of nurses and physicians in the country are foreigners. This is also a major reason for high healthcare costs in the country.
It anticipates that medical equipment market will grow well in the future. With the strong growth in healthcare sector, the demand for medical device is anticipated to increase. Government’s efforts will also play a major role in improving the standard of healthcare facility in the country.